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Биткоин вплотную приблизился к зоне недооцененности — CryptoQuant
Пол Аткинс не смог объяснить приостановку дела против основателя Tron
Полиция Сеула потеряла 22 конфискованных биткоина
XRP Ledger Activates Token Escrow: Here’s What XLS-85 Unlocks
The XRP Ledger has activated Token Escrow (XLS-85) on mainnet on Feb.12, extending the network’s native escrow mechanics beyond XRP to Trustline-based tokens (IOUs) and Multi-Purpose Tokens (MPTs). The amendment was enabled today with 88% consensus (30/34 validators) and was introduced in rippled v2.5.0 under the XLS-85 specification.
Escrow, But For Every Asset On XRP LedgerRippleX framed the change as a broadening of XRPL’s settlement primitives from one native asset to the wider token stack via X:
“Token Escrow (XLS-85) is now live on XRPL Mainnet! This feature extends native escrow functionality beyond XRP to all Trustline-based tokens (IOUs) and Multi-Purpose Tokens (MPTs). From stablecoins like RLUSD to Real World Assets, the XRPL now supports secure, conditional, onchain settlement for all assets.” It added: “The toolbox for Institutional DeFi just got bigger.”
Token Escrow (XLS-85) is now live on XRPL Mainnet!
This feature extends native escrow functionality beyond XRP to all Trustline-based tokens (IOUs) and Multi-Purpose Tokens (MPTs).
From stablecoins like RLUSD to Real World Assets, the XRPL now supports secure, conditional,… pic.twitter.com/DNCJxZsoK2
— RippleX (@RippleXDev) February 12, 2026
XRPL.org describes escrow in familiar terms, then emphasizes what the ledger automates: “Traditionally, an escrow is a contract between two parties to facilitate financial transactions… The XRP Ledger takes escrow a step further, replacing the third party with an automated system built into the ledger.” With the TokenEscrow amendment, that same approach now applies to fungible tokens, not just XRP.
For Trust Line Tokens, the issuing account must enable the Allow Trust Line Locking flag so the issued token can be escrowed. For MPTs, the issuer must set Can Escrow and Can Transfer flags at issuance so those tokens can both be held in escrow and transferred when released. One notable constraint: issuers cannot create escrows using their own issued tokens, though they can receive escrowed tokens as recipients.
Authorization gating also matters. If a token requires authorization, the sender must be pre-authorized by the issuer before creating an escrow, and must be authorized to receive the tokens back if an expired escrow is canceled—regardless of who submits the cancellation. Separately, the recipient must be pre-authorized before an escrow can be finished.
XRPL supports time-based, conditional, and combination escrows. The flow is anchored around EscrowCreate to lock funds, EscrowFinish to release them when conditions are met, and EscrowCancel to return funds once an escrow expires. For token escrows specifically, an expiration time is mandatory.
The feature is not free. XRPL.org flags that escrow “requires two transactions” and that Crypto-Conditions increase fees. While the ledger supports Crypto-Conditions, it currently only supports PREIMAGE-SHA-256, and fulfillment verification raises EscrowFinish costs. The documentation gives a concrete minimum: an EscrowFinish with a fulfillment requires at least 330 drops of XRP plus an additional amount based on fulfillment size, with the formula scaling if fee settings change.
RippleX highlighted use cases spanning vesting and grants, conditional payments and OTC-style swaps, treasury workflows like legal holds and collateral, and tokenized rights and RWA-style unlocks. The common thread is a native, on-ledger “lock until X” mechanism now available to the token layer, useful for structured settlement, compliance-shaped flows, and predictable release conditions without relying on a third-party custodian or purely off-chain coordination.
At press time, XRP traded at $1.35.
CryptoQuant: Рынок биткоина пережил одну из крупнейших капитуляций
Майнер-одиночка добыл блок Биткоина и получил почти $213 000
Bitcoin Selloff Drew Spot Volume, But Demand Lacked Follow-Through: Glassnode
On-chain analytics firm Glassnode has highlighted how the Bitcoin Spot Volume spiked during the price drawdown, but it has since cooled off.
Bitcoin Spot Volume Shot Up During The SelloffIn its latest weekly report, Glassnode has talked about the latest trend in the Bitcoin Spot Volume. This on-chain indicator measures the total amount of BTC becoming involved in trading activity on the various spot exchanges.
When the value of this metric rises, it means more of the cryptocurrency is being involved in spot trading. Such a trend can be a sign that interest in the asset is going up.
On the other hand, the indicator witnessing a decline indicates investor attention may be moving away from the cryptocurrency as less spot trading activity is taking place.
Now, here is the chart shared by Glassnode that shows how the 7-day moving average (MA) value of the Bitcoin Spot Volume has changed over the last few years:
As displayed in the above graph, the 7-day MA Bitcoin Spot Volume observed a notable spike alongside the price crash toward the $60,000 level. This would suggest that investors made a large amount of trades during the volatile move.
But what exactly did this activity correspond to? According to the report, it didn’t reflect a broad wave of fresh conviction buying. Instead, the Spot Volume increase was a result of traders panic reacting to the price drawdown.
This is backed by the trajectory followed by the indicator. From the chart, it’s apparent that while the initial Spot Volume increase was sharp, it was quick to cool down. The trend would imply that while the move drew attention from investors, it didn’t translate into sustained demand. “The lack of follow-through indicates that absorption remains shallow relative to the scale of selling pressure,” noted Glassnode.
In the past, price moves have generally only been sustainable for Bitcoin when backed by spot trading activity. With the recent Spot Volume increase likely only a sign of short-term repositioning and liquidation churn, the market is yet to see a wave of persistent volume. “For now, spot flows reflect engagement during stress, not a decisive shift toward constructive demand,” explained the analytics firm.
In the same report, Glassnode has also discussed how Bitcoin is currently looking from the perspective of the UTXO Realized Price Distribution (URPD), an indicator tracking the amount of the cryptocurrency that was last purchased at the various levels visited by it in the past.
As is visible in the chart, Bitcoin has recently found support inside a thick supply zone between $60,000 and $72,000. This band on the URPD formed as a result of investor accumulation in the first half of 2024. According to Glassnode, the fact that the price has stabilized here could suggest that “prior buyers in this range are actively defending their positions.”
BTC PriceBitcoin has been on the way down again as its price has dropped to the $65,900 mark.
Американца обвинили в переводе денег криптоинвесторов на игорную платформу
Глава Transform Venture: Биткоин рискует столкнуться еще с одной точкой боли
30% of Ethereum Supply Now Locked as Whales Accumulate Amid ETH Price Weakness
Ethereum’s network dynamics are shifting in a way that could reshape its market structure. On-chain data shows that roughly 30% of all Ethereum (ETH) supply is now locked in staking contracts, marking a record high for the protocol’s proof-of-stake ecosystem.
Related Reading: Bitcoin Is ‘No Longer Digital Gold,’ Deutsche Bank Strategist Says
Even as ETH prices have struggled, trading below the $2,000 level in recent sessions, activity around staking continues to rise. According to analytics data, about 36.6 million ETH is currently staked, meaning a significant portion of the circulating supply is effectively removed from liquid markets.
The increase in staked supply appears to be driven in part by institutional and whale accumulation. Large entities such as BitMine and others have been adding to their staked holdings, while smaller wallets have also shown interest in locking up ETH for validator rewards.
Ethereum Staking Demand and Supply ImpactThe record staking ratio, now above 30% of total supply, shows a structural change in Ethereum’s supply dynamics. Validators locking ETH must commit to long lead times before withdrawing, and the current exit queue remains minimal relative to new stakes.
From a liquidity perspective, staking removes tens of billions of dollars worth of ETH from active circulation. Reduced liquidity could amplify price moves if demand resurges, but it also raises questions about near-term volatility amid current macroeconomic conditions and broader crypto market pressures.
Recent price weakness has seen ETH trade below key support levels, with analysts noting a mix of technical vulnerability and potential for renewed accumulation at lower levels.
Whale behavior also underscores this theme. On-chain metrics show that larger holders have been modifying their exposure, with some reducing reserves while others increase positions, particularly via staking channels that minimize selling pressure.
Market Outlook on ETH Price Amid Locked SupplyEthereum’s price action remains sensitive to broader market drivers, including macroeconomic data and liquidity flows within the crypto sector. However, the growing share of staked ETH alters the supply picture: with nearly one-third of tokens locked, immediate sell pressure may be constrained.
Analysts suggest that this supply tightening, combined with whale accumulation, could play a significant role in price behavior if market sentiment shifts.
Related Reading: Bitcoin Buying Spree May Continue With New Preferred Stock Plan: Strategy CEO
The convergence of record staking levels and targeted accumulation creates a backdrop in which Ethereum’s fundamental network engagement strengthens even as prices lag, setting the stage for a potentially different phase in the asset’s market cycle.
Cover image from ChatGPT, ETHUSD chart on Tradingview
Аналитик Standard Chartered ожидает падения биткоина до $50 000
Бывшую заммэра города Арсеньева подозревают в привлечении 25 млн рублей в OneCoin
SEC Chair Confirms Crypto Taxonomy Guidance In Line With CLARITY Act Framework
Speaking before the House Financial Services Committee on Wednesday, US Securities and Exchange Commission (SEC) Chair Paul Atkins outlined plans to develop formal guidance on token classification, aligning the agency with the anticipated crypto market structure legislation known as the CLARITY Act.
Aiming For Lasting Crypto ClarityAtkins told lawmakers that regulatory certainty for digital assets is long overdue and pledged that the Commission is prepared to act once Congress finalizes the CLARITY Act. He emphasized that a comprehensive federal framework would provide much‑needed clarity for both investors and innovators.
While noting that SEC staff—under Commissioner Hester Peirce’s leadership of the agency’s Crypto Task Force—have offered more guidance over the past year than in the previous decade, Atkins argued that durable reform ultimately requires bipartisan legislation.
In his view, no regulatory adjustment undertaken solely by the Commission can “future‑proof” the rulebook as effectively as a clear market structure law passed by Congress.
As lawmakers continue their work, Atkins said the SEC intends to collaborate closely with the Commodity Futures Trading Commission (CFTC) to bridge the gap until legislation is enacted. He and CFTC Chairman Mike Selig plan to coordinate through a joint initiative known as Project Crypto.
As part of that effort, regulators will examine the development of a token taxonomy designed to define digital assets more precisely and clarify which rules apply to different categories.
The agencies are also considering tailored exemptions that could allow market participants to transact directly on blockchain networks, a move aimed at accommodating innovation while maintaining oversight.
Atkins Signals Regulatory OverhaulBeyond digital assets, Atkins used his testimony to signal a broader reassessment of existing regulatory systems. He announced that he has directed SEC staff to conduct a comprehensive review of the Consolidated Audit Trail (CAT), the market surveillance system launched in November 2016.
The review will examine the following areas: governance, funding, cost efficiency, system design, scope, regulatory utility, and cybersecurity safeguards, encompassing the crypto sector as well.
Throughout his remarks, Atkins reiterated his broader regulatory philosophy. He said oversight should be intelligent, effective, and carefully tailored within the SEC’s statutory authority.
In his view, the existing framework has at times made the path to becoming a public company more restrictive and expensive, layering on requirements that may create more friction than benefit.
Meanwhile, the broader market has seen a notable downtrend, with crypto prices sharply retracing and sparking fears of an unfolding bear market. As of this writing, Bitcoin (BTC) has returned to the $65,000 level after failing to surpass the $70,000 resistance level earlier in the week.
Ethereum (ETH) has followed suit, mirroring BTC’s price action and currently trading at around $1,916 per token. Consequently, the total market capitalization has plummeted to nearly half of its October highs, currently valued at $2.23 trillion.
Featured image from OpenArt, chart from TradingView.com
Crypto Continues to Expand in Asia as Thailand Clears Path for Digital Asset Derivatives
Thailand has taken a further step toward integrating crypto into its mainstream financial system, after the Cabinet approved changes that allow digital assets to underpin regulated derivatives contracts. The move positions the country among a growing number of Asian markets adapting crypto-linked financial products.
On Feb. 10, Thailand’s Cabinet endorsed a Finance Ministry proposal to expand the scope of assets permitted under the Derivatives Act B.E. 2546 (2003). The amendment enables digital assets, including cryptos such as Bitcoin, to serve as underlying instruments for futures and options traded on regulated platforms.
The Securities and Exchange Commission (SEC) will now amend the Derivatives Act and draft supporting regulations to govern participation, licensing, and supervision.
Thailand Integrates Crypto Into Regulated Derivatives MarketUnder the revised framework, digital assets will be recognized as permissible underlying assets for derivatives products listed on exchanges such as the Thailand Futures Exchange (TFEX).
The SEC said it will revise derivatives business licenses to allow digital asset operators to offer crypto-linked contracts and will review supervisory standards for exchanges and clearinghouses.
SEC Secretary-General Pornanong Budsaratragoon said the expansion is intended to strengthen the recognition of cryptocurrencies as an investment asset class, broaden investor access, and enhance risk management tools.
The regulator will also work with TFEX to determine contract specifications that account for the volatility and risk characteristics of digital assets. Officials indicated that supervisory safeguards and investor protection measures will remain central as the market evolves.
In addition to cryptocurrencies, the amendment reclassifies carbon credits, enabling the introduction of physically delivered futures contracts alongside cash-settled products. The measure aligns with Thailand’s draft Climate Change Act and its broader carbon-neutrality objectives.
Growing Institutional Focus and Market ExpansionThailand’s latest reform builds on a regulatory framework introduced in 2018, when the country enacted rules governing digital asset businesses. Oversight has since expanded to include stricter operational requirements and investor protection measures, while crypto payments remain prohibited by the central bank.
The SEC’s broader 2026 capital markets roadmap includes plans to introduce crypto exchange-traded funds (ETFs), subject to legal amendments. Officials have indicated that crypto ETFs could launch later this year.
Thailand’s domestic crypto market has also grown steadily. As of August 2025, the SEC valued the market at approximately $3.19 billion, with average daily trading volumes near $95 million. Active accounts rose to 230,000, reflecting increased participation from retail investors, foreign entities, and domestic institutions.
Industry participants say integrating crypto into the derivatives market could improve liquidity and provide hedging tools, but some have cautioned that capital requirements and disclosure standards must keep pace to manage systemic risk.
Cover image from ChatGPT, BTCUSD chart from Tradingview
US Banking Lobby Urges OCC To Delay Crypto Charter Applications Approval
The US’s largest banking lobby has requested the Office of the Comptroller of the Currency (OCC) delay its approval of crypto bank charter applications, suggesting the regulator wait until regulatory uncertainty is cleared.
US Banks Call For Crypto Charter Reviews DelayOn Wednesday, the American Bankers Association (ABA) asked the OCC to pause the review of national bank charter applications for crypto firms, citing uncertainty surrounding emerging business models, the need for greater transparency in charter application and decision-making processes, and a lack of finalized federal oversight.
In a letter, the banking lobby urged the US’s top bank regulator to “ensure that robust, broadly applicable safety and soundness standards are well understood and upheld during this period of rapid innovation to provide greater transparency throughout its charter application and decisioning processes.”
As reported by Bitcoinist, the OCC approved conditional bank charters for Ripple, Circle, BitGo, Paxos, and Fidelity in December, raising concerns that the approvals could blur the lines of banking activities and lead to regulatory arbitrage.
The ABA now calls for patience as emerging crypto regulatory frameworks take shape, suggesting that the review process must be delayed until Congress finishes the rules that many recent OCC charter applicants will ultimately be subject to.
“We urge the OCC to be patient, not measure its application decisioning progress against traditional timelines, and allow each charter applicant’s regulatory responsibilities to come fully into view before moving a charter application forward,” ABA wrote.
The banking association emphasized that appropriate safety and soundness protections, including effective measures against conflicts of interest, and for compliance with other applicable consumer protection laws and regulations, must be in place from the beginning.
Notably, the Trump Family’s main crypto venture, World Liberty Financial, applied for a national trust charter in January. US Senator Elizabeth Warren sent a letter to Comptroller Jonathan Gould asking the agency to pause its review of the application until President Donald Trump divests from the crypto company, arguing that it could create a government ethics problem.
In addition, the association recommended an amendment to the OCC’s regulations to ensure new charter applicants’ names “do not misrepresent the nature of the financial services they intend to offer.”
They suggested that the agency prohibit any charter applicant that limits its activities to either fiduciary activities or trust company operations from including the word “bank” in its name.
ABA argued that “such entities would not be engaged in the business of banking and should, therefore, ‘not have a title that misrepresents the nature of the institution or the services it offers.’”
“Skinny” Accounts ClashUS banks have recently shared their opposition to granting crypto and fintech companies direct access to the Federal Reserve (Fed)’s payment systems, according to Bloomberg.
Earlier this week, the Bank Policy Institute, Clearing House Association, and Financial Services Forum sent a joint letter to the Fed, demanding a 12-month waiting period before firms are eligible to apply for payment accounts.
The banking groups argued the Fed “should block access until newly licensed stablecoin issuers prove they can operate safely.” As Bloomberg noted, crypto and fintech firms currently rely on partner banks for access and compliance infrastructure. However, the Fed’s “skinny” master accounts proposal, first introduced in October, would allow these crypto companies to bypass the intermediation.
Moreover, recent reports from Eleanor Terret claim that the tensions between the US banking sector and the crypto industry have extended from Stablecoin rewards to include the skinny master accounts proposal.
While the digital assets side was “largely positive,” Terret affirmed the banking side worried that crypto’s “less robust regulatory status could pose a problem,” with Better Markets CEO Dennis Kelleher calling the proposal “a reckless giveaway to the crypto industry that unnecessarily expands the Fed’s mandate without justification and undermines the Fed’s true mandate.”
XRP Spot ETFs Riding The Bullish Wave, Attracting Broader Wall Street Allocation
Even with the broader cryptocurrency market becoming highly volatile and bearish, the Spot XRP ETFs are still displaying remarkable performance. In the unfavorable conditions, capital from both retail and institutional investors continues to flow into the funds, and they are drawing the attention of Wall Street.
Institutional Capital Still Following Into XRP Spot ETFsXRP may be experiencing steady downside action in price, but the Spot XRP Exchange-Traded Funds (ETFs) are still riding the broader bullish wave, drawing in huge capital. Interestingly, as they continue to gain momentum across the sector, traditional finance is paying close attention to the newly launched products.
In a post on the X platform, market researcher and investor Tokenicer highlighted that the funds have been recording inflows over the past few days despite the ongoing volatile crypto landscape. Specifically, this fund has been seeing steady capital inflows since January 27.
The consistent flow of funds into these regulated instruments demonstrates the rising conviction of traditional and institutional market players looking to gain exposure to XRP without taking on direct custodial risks. In contrast to transient speculative surges, persistent inflows usually signify more profound strategic allocation choices.
Since January 27, Canary Capital has recorded inflows of over 7.66 million XRP, Franklin Templeton has amassed over 18.9 million, Bitwise added more than 17.74 million, and 21Shares saw inflows of +4.31 million of the token. As seen on the chart shared by the expert, there has been a total of 48.7 million XRP across 4 ETFs in a 9-day period.
According to the expert, all of these inflows are taking place in a market that is laced by downside pressure. This period is where most of the retail interest in crypto has been sucked out, bringing the market back to the point where players are making fun of crypto again. “Now just imagine what these numbers look like during a euphoria run as we saw in Nov 2024,” Tokenicer added.
Goldman Sachs Expands ETF ExposureThe recent capital flows indicate that rather than buying tokens directly, Wall Street investors are growing more at ease exposing themselves to XRP through regulated investment vehicles. An indication of this trend is Goldman Sachs’s significant investment in the funds and the token.
Xaif Crypto, an investor and crypto analyst, reported that Goldman Sachs has invested over $152 million in XRP Spot ETFs. This was disclosed in the firm’s Q4 2025 13F filing. With this substantial amount invested in the funds, Wall Street is no longer just watching the altcoin; instead, it is allocating its capital into the token.
Such a move marks a notable step for institutional adoption of the altcoin within regulated markets. As inflows increase and liquidity deepens, its increasing position in mainstream portfolios may signal a new stage in its integration with conventional financial markets.
Bitcoin Whale Exchange Outflows Spike: Sign Of Dip Buying?
On-chain data shows the Bitcoin whales have ramped up their exchange outflows recently, a potential sign that big-money hands are accumulating.
Bitcoin Whale Exchange Outflows Have Hit The 3.2% MarkIn a new post on X, Glassnode lead research analyst CryptoVizArt has talked about the latest trend in the Exchange Whales Outflow indicator. This metric tracks, as its name suggests, the Bitcoin withdrawals being made by whale entities from centralized exchanges. Whales are defined as investors carrying more than 1,000 tokens of the asset in their balance.
The indicator doesn’t simply measure the total amount of outflows being made by entities of this size, however, but rather the ratio between them and the total BTC reserve sitting on exchanges.
When the value of the metric rises, it means the whales are taking out a higher amount of the exchange supply to self-custodial wallets. Such a trend can be a sign that the big-money hands are looking to hold into the long term, which is something that can be bullish for the asset’s price.
On the other hand, the indicator going down suggests whales are reducing their withdrawals. Depending on whether they are ramping up inflows, this kind of trend can be either neutral or bearish for the cryptocurrency.
Now, here is the chart shared by CryptoVizArt that shows the trend in the 30-day simple moving average (SMA) of the Bitcoin Exchange Whales Outflow over the last few years:
As displayed in the above graph, the Bitcoin Exchange Whales Outflow has witnessed a surge recently, indicating that whales have been increasing their outflows relative to the exchange supply.
Currently, the 30-day SMA value of the indicator is sitting at 3.2%, which is the highest level since late 2024. The rise in the metric to this level has arrived as the cryptocurrency’s spot price has gone through a notable drawdown.
Given the timing, it’s possible that the outflows are an indication of dip-buying behavior from the whales. “This mirrors the structure seen in H1 2022, when whales accumulated for several months and in multiple waves, before the next bull market began,” noted the analyst.
In the 2022 bear market, it took a while before Bitcoin reached its bottom. It now remains to be seen how long whale accumulation will have to go this time around for the cryptocurrency to arrive at a cycle low.
BTC PriceBitcoin recovered above $71,000 earlier, but the coin has since seen a retrace as its price is now back at $68,000.
Can Dogecoin Lead Meme Coins Back To Glory? The Index That Paints A Gloomy Story
The meme coin market has been shedding value for much of the past year. According to the Meme Coin Index (MEMECOIN) by MarketVector, which tracks the six largest meme coins by market capitalization, the sector has been in a prolonged downturn. The index is down by 22.44% in year-to-date numbers, with a larger 67.65% decline within a 365-day timeframe.
Those numbers highlight just how far the sector has fallen. However, current market conditions across the industry offer little encouragement that Dogecoin, the original meme coin, can quickly reverse sentiment and lead a meaningful recovery for the meme coin niche.
Memecoins Struggling Than Most CryptosMeme coins have been hit harder than most corners of the cryptocurrency market, and the gap in performance is becoming increasingly difficult to ignore. Although large-cap assets like Bitcoin, Ethereum, and XRP are struggling after recent pullbacks, data show that meme tokens have been on a long stretch of weakness. This persistent underperformance is clearly reflected in the Meme Coin Index (MEMECOIN) by MarketVector.
The MEMECOIN index is market-cap weighted, meaning larger assets such as Dogecoin carry more influence over its movement. As it stands, the meme coin index is at a one-year low of -66.80%, with the data showing a consistent decline of lower highs and lower lows since July 2025. Notably, the Meme Coin Index has fallen by 75.81% since its inception on October 31, 2021.
It’s been only two months into 2026, but the MEMECOIN index is already down 22.44% year-to-date. Such an early decline shows that traders and investors are unwilling to invest in meme coins, which is a negative precedent for the rest of the year.
Can Dogecoin Lead Meme Coins Back To Glory?As the largest meme coin, Dogecoin has the highest percentage weighting and thus a greater impact on the performance of the meme coin index. However, Dogecoin’s price momentum over recent weeks has been nothing to write home about for bullish investors.
As it stands, Dogecoin has now lost the 10 cent price level and has been hovering in the ballpark of about $0.093. Nonetheless, a resurgence in the meme coin index is dependent on Dogecoin due to its reputation as the king of meme coins.
Dogecoin brand recognition is unmatched in the meme coin world, and its presence is steadily growing into spaces outside the crypto industry. Dogecoin, for one, is the only meme coin with Spot ETFs tied to it, although that structural advantage has not translated into sustained bullish price action so far.
If anything, Dogecoin’s current trajectory shows that it is not yet showing the kind of price leadership or market momentum that could single-handedly revive the meme coin niche. However, a large part of this can be attributed to the current sentiment surrounding the entire crypto industry.
Bitcoin Weakness Persists: Stablecoin Supply Signals Risk-Off Environment
Bitcoin remains under selling pressure below the $70,000 level as the market confronts renewed uncertainty and weakening liquidity conditions. The inability to reclaim this key psychological threshold has reinforced a cautious tone among investors, with price action reflecting a broader struggle across risk assets. While volatility remains elevated, the current environment suggests that market participants are increasingly focused on liquidity trends and capital flows rather than short-term price momentum alone.
An analysis by Axel Adler highlights two important liquidity indicators pointing to ongoing market weakness. The Stablecoin Supply Ratio (SSR) Oscillator has moved back into negative territory after briefly turning positive in January, indicating that Bitcoin continues to underperform relative to stablecoin dynamics. Historically, positive SSR readings have coincided with stronger price appreciation, while persistent negative readings tend to align with periods of price stagnation or decline.
At the same time, the 30-day change in USDT market capitalization has fallen to approximately -$2.87 billion, signaling capital outflows from the crypto ecosystem. Together, these indicators suggest that January’s attempted recovery lacked sustained liquidity support. Unless stablecoin inflows return and the SSR oscillator stabilizes in positive territory for several weeks, the broader market context may remain risk-off, leaving Bitcoin vulnerable to continued pressure in the near term.
Stablecoin Liquidity Trends Reinforce Bitcoin Market WeaknessAxel Adler’s analysis emphasizes the importance of stablecoin liquidity as a leading indicator for Bitcoin market conditions. The 30-day change in USDT market capitalization functions as a directional gauge of dollar liquidity entering or leaving the crypto ecosystem. Positive readings typically signal fresh capital inflows that can support price appreciation, while negative values indicate liquidity contraction and reduced risk appetite among market participants.
According to the data, January briefly showed signs of recovery. The 30-day USDT market cap change moved into positive territory, reaching approximately $1.4 billion during the first week of the month. This inflow coincided with the Stablecoin Supply Ratio (SSR) Oscillator’s attempt to move into positive territory, alongside a short-term rebound in Bitcoin price. However, the trend reversed later in January, and the latest reading near -$2.87 billion confirms renewed capital outflows.
The alignment between these two indicators appears consistent rather than coincidental. Liquidity inflows helped support January’s temporary recovery, while the return of outflows accompanied the subsequent market weakness.
As long as the 30-day USDT change remains negative, a sustained SSR recovery appears unlikely. Together, these signals suggest the market has shifted back into a risk-off environment, reinforcing the view that the recent rebound lacked durable liquidity support.
Bitcoin Remains Under Pressure After Breakdown Below Key AveragesBitcoin’s daily chart continues to reflect sustained bearish momentum following the loss of the $70,000 level, with price now consolidating in the mid-$60,000 range after a sharp decline. The recent breakdown below this psychological threshold coincided with a decisive move under major moving averages, which have shifted from support to resistance. This structural change typically signals weakening bullish control and increasing caution among market participants.
Price action shows a sequence of lower highs since late 2025, suggesting a gradual deterioration in market structure rather than an isolated correction. The latest drop was accompanied by a notable surge in trading volume, often associated with forced deleveraging or defensive repositioning rather than steady accumulation. This dynamic can increase short-term volatility while delaying meaningful recovery attempts.
From a technical perspective, the $60,000–$62,000 region now represents the primary support zone. This area aligns with prior consolidation ranges and historically strong liquidity clusters that could attract demand. Holding this zone would support a stabilization scenario, potentially leading to sideways consolidation. Conversely, a decisive break below it could open the door to deeper retracement phases.
Until Bitcoin reclaims key moving averages and restores higher-high price structure, the market is likely to remain sensitive to liquidity conditions, macro sentiment, and derivatives positioning.
Featured image from ChatGPT, chart from TradingView.com
Bitcoin Market Stress Triggers Whale Activity: Selling Pressure Or Risk Management?
Bitcoin continues to struggle to reclaim the $70,000 level, with persistent selling pressure limiting upside momentum and keeping the market in a cautious posture. Repeated failures to break above this threshold suggest that traders remain defensive, particularly as volatility and macro uncertainty continue to influence liquidity conditions across risk assets. The inability to sustain higher prices has reinforced short-term resistance, leaving Bitcoin sensitive to further downside if demand does not strengthen.
A recent CryptoQuant report adds context by highlighting behavioral shifts among large Bitcoin holders. According to the analysis, Bitcoin’s temporary drop below $60,000 triggered noticeable nervousness across the market, including among whales. Contrary to the common assumption that large holders always act as patient, rational capital, the data suggest they can also respond quickly to market stress, sometimes opportunistically and sometimes defensively.
Exchange flow data support this view. The chart tracking whale inflows to Binance — a platform often used for large transactions due to its deep liquidity — shows that spikes in transfers tend to occur both during euphoric rallies and during sharp market declines. This pattern indicates that whale behavior often reflects changing risk conditions rather than a consistently bullish long-term stance.
Rising Whale Exchange Flows Signal Persistent Market StressThe CryptoQuant report further highlights a notable shift in whale behavior during Bitcoin’s recent correction. As BTC declined from roughly $95,000 toward the $60,000 range, average monthly inflows of Bitcoin to Binance from large holders increased significantly. These transfers rose from about 1,000 BTC per month to nearly 3,000 BTC, with a particularly sharp spike of approximately 12,000 BTC recorded on February 6 alone. Such movements typically indicate heightened activity among large investors during periods of price stress.
Since early February, the frequency of large transfers has remained elevated. Data show that seven separate trading days recorded more than 5,000 BTC in daily inflows from whales, an unusually persistent pattern that suggests heightened sensitivity among major holders to rapid market swings. This behavior indicates active portfolio adjustments rather than passive long-term holding.
Historically, rising exchange inflows from whales are often associated with increasing selling pressure, especially when broader market liquidity conditions are tightening. Because these participants control substantial volumes, their actions can significantly influence short-term price dynamics.
Monitoring whale flows, therefore, remains a critical component of market analysis, offering insight into potential volatility phases and helping investors better understand the forces shaping Bitcoin’s current price environment.
Bitcoin Tests Major Support After Sharp BreakdownBitcoin’s higher-timeframe chart shows mounting technical pressure following a sharp decline from the $90,000–$95,000 region toward the mid-$60,000 range. The recent breakdown below the $70,000 level confirms a deterioration in market structure, with price now trading beneath key moving averages that previously acted as dynamic support. This shift typically reflects weakening bullish momentum and increased defensive positioning among traders.
The chart also highlights a clear sequence of lower highs since the late-cycle peak, a pattern often associated with corrective or transitional phases. Recent selloffs have been accompanied by rising trading volume, suggesting distribution or forced deleveraging rather than gradual profit-taking. Such dynamics often intensify short-term volatility while making sustained recoveries more difficult without strong spot demand.
From a technical standpoint, the $60,000–$62,000 area now emerges as a critical support zone, aligning with prior consolidation levels and historical liquidity clusters. Holding this region could stabilize sentiment and allow for a period of sideways consolidation. Conversely, a decisive break below it would increase the probability of deeper retracement scenarios.
Bitcoin remains highly sensitive to macro liquidity conditions, institutional flows, and derivatives positioning, factors likely to determine whether the current correction evolves into consolidation or further downside pressure.
Featured image from ChatGPT, chart from TradingView.com
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